Buying a yacht is a huge investment, and many first-time buyers are bewildered by the process and the huge range of options. In this article, Joshua Kerrigan shares a few tips for buying your first yacht. Tip #1: Do Your Research There are countless options for yacht purchases, from pre-owned boats to custom-built ones. Research your options thoroughly, talk to yacht-owners, talk to yacht sellers, and read reviews. Attending a boat show is a fantastic way to get onboard yachts and find out what you like. If you’re going to be paying to buy and maintain a yacht, you want to buy the one that’s right for you! Tip #2: Make a Budget Any yacht is likely to cost you a pretty penny, but some are more expensive than others. Custom designing a yacht, for example, will almost always be more expensive than purchasing a pre-owned yacht of a similar type. As you figure out your budget, don’t forget to factor in yearly maintenance and occasional larger repairs, as well as taxes, cost of ownership, and space at a marina. Tip #3: Find a Broker While you could go through the entire process of making an offer by yourself, a broker or attorney can help move that process along. Plus, because it is such a large purchase, you’ll need a legal expert to help you negotiate a contract and an escrow agreement before you seal the deal. Talk to fellow yacht-owners to get recommendations for trusted and skilled brokers. Tip #4: Test Drive Once you find a yacht that interests you and is within your budget, take it for a sea test. In addition to helping you determine whether or not you like the feel of the yacht, you will also be able to make sure that everything is in proper working order. If you are not a yachting expert yourself, it may be wise to take along someone who can help you ask the necessary questions. Tip #5: Find a Crew Unless you can be in multiple places at the same time, you’ll want to find a crew for your yacht. Referrals from other yacht owners are an excellent place to start. You may also want to use a service like Yacht Management, Inc., to help you recruit qualified individuals and take care of business aspects like payroll and taxes. Sources: http://www.businessinsider.com/looking-to-buy-a-yacht-make-sure-you-follow-these-10-simple-steps-2012-3?op=1 https://www.luxyachts.com/sales/how-to-buy-a-yacht.aspx http://www.visailing.com/articles/yacht-purchase.php Joshua Kerrigan, a yacht-owner, captain, and CEO of Yacht Management, Inc, has helped many a first-time yacht buyer pick out the perfect watercraft for their needs and budget.
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